WASHINGTON / LONDON: In one of the largest cryptocurrency seizures in history, authorities in the United States and United Kingdom have confiscated more than $14 billion worth of Bitcoin as part of a sweeping crackdown on a transnational cyber-fraud network accused of scamming victims across multiple countries.
The investigation, spanning several years, uncovered an elaborate web of online investment scams — often referred to as “pig-butchering” operations — that lured unsuspecting victims into fraudulent crypto ventures. Officials say the scam network was allegedly run by Chen Zhi, a businessman with ties to Cambodia and the Prince Holding Group, who has been indicted in New York on charges of money laundering and wire fraud.
According to prosecutors, the scheme exploited thousands of coerced laborers forced to work in so-called “scam compounds,” manipulating victims into transferring funds under the illusion of lucrative crypto returns. The seized Bitcoin — over 127,000 units — is valued at approximately $14.5 billion, making it one of the most significant digital asset forfeitures ever recorded.
In a coordinated action, British authorities froze 19 high-value properties in London, including luxury homes and commercial holdings linked to Chen and his associates. The UK also announced sanctions and travel bans on key figures associated with the scam, describing it as a “modern-day slavery and cybercrime hybrid operation.”
Despite the massive bust, Chen Zhi remains at large, reportedly operating from Southeast Asia. Officials from both nations have vowed continued cooperation to dismantle the network’s financial infrastructure and strengthen oversight of cryptocurrency markets.
Analysts warn that this case exposes the darker side of unregulated digital finance — where human trafficking, organized fraud, and crypto speculation intersect — urging tighter global controls to prevent similar large-scale exploitations.
This story has been reported by PakTribune. All rights reserved.